The U.S. federal authorities have once again reached the debt ceiling set by Congress, having accumulated debts of $31.4 trillion. If the limit will not be raised, the U.S. Treasury will run out of money by the summer
If Congress does not reach an agreement to raise the limit, the U.S. could default on its foreign debt by this summer, reports ABC News.
The Republicans, who control the U.S. House of Representatives, stand in favor of spending cuts, including those to support Ukraine. Biden has refused to negotiate with them about it. A White House spokeswoman said that raising the national debt limit was a “basic obligation” of Congress.